FISCAL NOTE
Date Requested: February 17, 2016
Time Requested: 05:29 PM |
| Agency: |
Lottery Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1950 |
Introduced |
HB4271 |
|
|---|
| CBD Subject: |
Legal Gaming |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill will close the Licensed Racetrack Modernization Fund and direct remaining balances to the General Revenue Fund. Currently the Racetrack Modernization Fund is funded from monies [up to $9M], if available, from Lottery's administrative surplus.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
10,272,000 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The estimated total revenues for FY16 if this bill is effective immediately upon passage is $10,272,000. This total reflects the requests for reimbursement currently received but not processed; received requests have been backed out. Since the deposit into the fund is not mandatory, this bill will not create any additional money at the end of the year.
Memorandum
Person submitting Fiscal Note: Danielle E. Boyd, Managing General Counsel
Email Address: dboyd@wvlottery.com